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David M. Van Slyke, Jesse D. Lecy
Published: 1 January 2012
SSRN Electronic Journal; https://doi.org/10.2139/ssrn.2175676

Abstract:
The nonprofit sector has been expanding rapidly, but little attention has been paid to the organizations that comprise the group of new market entrants. In 2010 more than 45,000 new nonprofits incorporated, braving crowded grant markets and grueling periods of organizational adolescence. Some reach revenues over $1 million within a couple of years. We implement a survey of these organizations to understand this group of nonprofit entrepreneurs. What drives them to create? What factors are important for survival and growth in the initial years? What are the obstacles they desire more support in addressing? Do they intend to grow aggressively, steadily, or simply stay about the same size for the time being? We consider the policy and management implications of understanding nonprofit startups and their entrepreneurs and provide a baseline of these organizations’ characteristics as well as those of their founders.
Matthew Elliott, Benjamin Golub, Matthew O. Jackson
Published: 1 January 2012
SSRN Electronic Journal; https://doi.org/10.2139/ssrn.2175056

Abstract:
We model contagions and cascades of failures among organizations linked through a network of financial interdependencies. We identify how the network propagates discontinuous changes in asset values triggered by failures (e.g., bankruptcies, defaults, and other insolvencies) and use that to study the consequences of integration (each organization becoming more dependent on its counterparties) and diversification (each organization interacting with a larger number of counterparties). Integration and diversification have different, nonmonotonic effects on the extent of cascades. Initial increases in diversification connect the network which permits cascades to propagate further, but eventually, more diversification makes contagion between any pair of organizations less likely as they become less dependent on each other. Integration also faces tradeoffs: increased dependence on other organizations versus less sensitivity to own investments. Finally, we illustrate some aspects of the model with data on European debt cross-holdings.
Fee-Alexandra Haase
Published: 1 January 2012
SSRN Electronic Journal; https://doi.org/10.2139/ssrn.2174248

Abstract:
This English dictionary contains contemporary internationally used terminology in the aras of business communication, public relations, marketing, management,
Solomon A. M. Ekwenze
Published: 1 January 2012
SSRN Electronic Journal; https://doi.org/10.2139/ssrn.2174084

Abstract:
Recently, there has been an upsurge in the activism of homosexuals, Lesbians and gay people. Even more shocking is the caliber of people in society who are into
Maria Cecilia Bustamante, Andres Donangelo
Published: 1 January 2012
SSRN Electronic Journal; https://doi.org/10.2139/ssrn.2173985

Abstract:
This paper studies how expected returns interact with product market competition. The model predicts that (i) competition erodes markups, such that firms are more exposed to systematic risk; (ii) the threat of entry by new firms lowers exposure to systematic risk of incumbents; and (iii) higher industry aggregate risk represents a barrier to entry, such that riskier industries become less competitive. We provide empirical evidence consistent with these three channels and for an overall negative relation between returns and competition. We also consider a sample selection correction for publicly listed firms and use it to construct an alternative concentration measure.
Zachary L. Berkstresser
Published: 5 June 2009
SSRN Electronic Journal; https://doi.org/10.2139/ssrn.2168535

Abstract:
An elementary look at wine specialty funds and whether they can be used in prudent portfolio management.
Hanna Conger
Published: 1 January 2011
SSRN Electronic Journal; https://doi.org/10.2139/ssrn.2156616

Abstract:
The aftermath of the April 2010 explosion of the Deepwater Horizon oil-drilling rig in the Gulf of Mexico has caused the United States to reevaluate its energy
Sanchit Arora
Published: 1 January 2012
SSRN Electronic Journal; https://doi.org/10.2139/ssrn.2154511

Abstract:
Monetary and fiscal policy games have often been modelled with the assumption of rational agents in spite of growing criticism for it in the literature. In this
Tomáš Otáhal, Petr Wawrosz
Published: 25 September 2012
SSRN Electronic Journal; https://doi.org/10.2139/ssrn.2153739

Abstract:
Can corruption improve economic efficiency? Scholars making economic policy recommendations to resolve corruption problem use several approaches, the most dominant of which are the principal-agent and rent-seeking theories. In this paper, we argue that the principal-agent theory has problems accounting for the environment in which the agents offering and accepting corruption operate, as well as explaining the importance of the agents for the survival of their environment. The rent-seeking theory, on the other hand, finds it difficult to establish socially effective legislation and ways to determine the barriers to entry that motivate agents to behave corruptly. For these reasons we present alternative model of the theory of redistribution systems and its part parallel redistribution games to synthesize both agency theory and rent-seeking and investigate if both problems can be explained and solved. Within our model we present selected quasi-experimental anecdotal evidence from the early period of transition in the Czech and Slovak Republics to support the implication that the corruption undermines economic efficiency.
Hugues Bouthinon-Dumas, Frédéric M. Marty
Published: 25 September 2012
SSRN Electronic Journal; https://doi.org/10.2139/ssrn.2151719

Abstract:
Firm strategies cannot be analyzed without taking into consideration the legal framework which governs the relationships between economic agents, especially competition law. As a consequence, firms have to maneuver through a complex universe, taking account of both the rules of the economic game and the legal ones. Our purpose is to analyze the legal treatment of anticompetitive practices (agreements and concerted practices that restrict competition and abuse of a dominant position), which are at the heart of modern competition law (in the American context generally referred to as 'antitrust law' and in the European one as 'competition law'). However, we must keep in mind that competition law also covers the control of vertical restrictive practices, merger policy), control of state aid and, in some countries, the prohibition of unfair competition practices. Considering competition goals is essential for understanding the enforcement of competition law.Even if the wording of the general competition rules seems to be fairly similar, their enforcement may vary considerably among countries (and across time periods), revealing differences in their underlying principles and purposes. Therefore, it is essential to identify the intentions of the law-makers and the priorities of competition authorities. Competition policies and decisional practices are closely dependent on various and sometimes conflicting views related to what competition should be and how firms should develop and interact. This chapter is focused on the examples of the United States of America and the European Union, and points to their divergences and convergences.
Xiaohua Fang, , Baohua Xin, Wenjun Zhang
Published: 1 January 2012
SSRN Electronic Journal; https://doi.org/10.2139/ssrn.2138202

Abstract:
In this study, we examine whether and how borrowing firms’ financial statement comparability affects the contracting features of syndicated loans. Using a sample of loans issued by U.S. public firms in the syndicated loan market over the period 1992–2008, we find strong and robust evidence that financial statement comparability is negatively associated with loan spread and the likelihood of pledging collateral, and positively associated with loan maturity and the likelihood of including performance pricing provisions in loan contracts. We also find that borrowing firms with greater financial statement comparability are able to complete the loan syndication process more swiftly, form loan syndicates enabling the lead lenders to retain smaller percentages of loan shares, and attract a greater number of lenders and particularly a greater number of uninformed participating lenders. Altogether, these findings are consistent with the view that financial statement comparability plays an important role in alleviating information asymmetry in syndicated loan market.
Aliu Aizebeokhai Izevbekhai
Published: 1 January 2012
SSRN Electronic Journal; https://doi.org/10.2139/ssrn.2093552

Abstract:
Nigeria is still classified among the third world countries, despite her natutral and human resources. It is no doubt that all efforts by government to establis
Tomasz Słoński, Bartosz Marek Zawadzki
Published: 11 June 2012
SSRN Electronic Journal; https://doi.org/10.2139/ssrn.2081991

Abstract:
The phenomena of excessive return following stock repurchase programs are well-documented in financial literature. The majority of studies apply to well-developed markets. The aim of this paper is to scrutinize this anomaly on Polish stock exchange in order to develop general conclusions about the signaling effect of share repurchases. I find that different market regulations and corporate governance practices influence the credibility of stock repurchase programs thus influencing investor’s return. In most cases, the announcement of share repurchase program was designed to deliver costless information about stock underpricing. and was followed by rather sluggish repurchase actions. Next, we check the credibility of open market share repurchase programs by measuring the signaling effect among groups of small, medium and large companies. This is because of the assumption, that the credibility of companies declarations improves with company size. The article presents the results of a research conducted on share buybacks done by companies listed on WSE in years 2005-2010. The event study methodology shows, that a share buyback announcement is a positive information for the shareholders and allows to obtain statistically significant abnormal returns the first days after the announcement. The interpretation of the signal is depended on the size of the company. In the sample of the lowest market capitalization companies one cannot observe any statistically significant effect.
Parmendra Sharma, Tom Nguyen
Published: 21 April 2010
SSRN Electronic Journal; https://doi.org/10.2139/ssrn.2070448

Abstract:
This paper examines the applicability of the prominent law - finance theory to banking development in Fiji, a representative island economy in the South Pacific region. Secondary and primary data are used to assess legal institutions and the level of development in the banking sector in Fiji (and, where possible, in other South Pacific island economies) in comparison with up to 53 other countries, both developed and developing. The paper also re-examines the question of a possible law - banking development connection internationally, in light of newly available data and a newly proposed composite index of banking development. While the results are broadly consistent with previous findings of a direct relationship between law enforcement quality and banking development, they also suggest that the legal rules codifying creditor rights may not be as influential as had been thought previously. The latter result accords with the experience of Fiji, where very weak legal rules combined with average law enforcement quality (and high accounting standards) yield a reasonable performance in terms of banking development over the 1970–2006 period. The paper also points out some possible policy implications of these results.
Shidi Zhang, Qiuju Huo, Dan Sun, Dongxu Wei, Sihui Xu
Published: 25 June 2011
SSRN Electronic Journal; https://doi.org/10.2139/ssrn.1814167

Abstract:
We use a sample of 218 Nasdaq companies with negative earning at the time of IPO as comparables to estimate the changes in risk profiles of venture capital (VC) projects for three development stages defined by post IPO profit milestones. Our results show that there were significant declines in the average specific risks as companies move sequentially to stable earning stages. When total risks need to be compensated, the expected rates of returns would also decline due mainly to declines in the specific risks. These results reconcile well with those drawn from perception based surveys of VC practitioners.
Daniela Venanzi
Published: 1 January 2012
SSRN Electronic Journal; https://doi.org/10.2139/ssrn.1676376

Abstract:
This paper tries to empirically support, in a cross-country and cross-industry analysis, the instrumental role of stakeholder management by adopting a disaggreg
Pavlos A. Vlachos, Aristeidis Theotokis
Published: 9 December 2009
SSRN Electronic Journal; https://doi.org/10.2139/ssrn.1521095

Abstract:
Information systems researchers often conceptualize constructs as higher-order multidimensional entities. As is the case with the specification of first-order dimensions, researchers seem to have two basic choices regarding measurement specification at the second-order level: to operationalize second-order factors as either formative (molar) or reflective (molecular). Although several researchers have noted the importance of measurement misspecification when testing measurement models for first-order constructs, limited research has investigated the consequences of measurement misspecification at the second-order level. In this article we empirically investigate whether different measurement specifications at the second-order level can lead to different inferences. Exploiting data from an empirical study investigating the notion of electronic service quality, we test the multidimensionality of the construct, using two different measurement specifications: the formative model which assumes molar relationships and the reflective model which assumes molecular relationships. We find that there is poor convergence between the two models in terms of resulting conclusions, highlighting the need for more careful measurement specification of IS constructs at a higher-order hierarchical measurement level. Furthermore, it seems that the choice of analytical methodology (i.e., PLS versus Covariance-based SEM) is also likely to influence results. We end up with implications for research regarding higher-order constructs measurement.
Ester Herlin-Karnell
Published: 1 January 2008
SSRN Electronic Journal; https://doi.org/10.2139/ssrn.1490606

Abstract:
The Third Money Laundering Directive introduces not only a risk-based approach to the fight against dirty money but includes also the financing of terrorism wit
Francis Kipkemboi Sang, Isaac Kipruto Keror
Published: 6 December 2012
SSRN Electronic Journal; https://doi.org/10.2139/ssrn.2186200

Abstract:
Wheat production is an expensive venture due to the nature of crop. From planting to harvesting the process is not done manually because it is tedious and cumbersome. Due to poverty and other factors, most small scale farmers have joined various microfinance institutions with an aim of improving wheat production and thus improving the general living standards. However, despite the numerous microfinance institutions in Moiben Division, it has been revealed that the living standards of people seldom improve. This study used descriptive survey design. The target population constituted small scale wheat farmers from Moiben Division. Purposive sampling was first adopted in the choice of study area. This is because most small scale farmers have resorted to microfinance services towards improving wheat production. Simple random sampling was used to select 200 study participants where proportionate strategy was used to get representative samples from the five selected locations. The study found that most small scale wheat farmers access credit facilities in terms of loans, savings and even deposits. However, despite accessing these facilities, the level of production is not very high due to high interest rates, short repayment period and lack of training. The study recommends that there is need for microfinance institutions to provide training of their clients especially small scale farmers on the utilization of such credit facilities and microfinance institutions to provide favourable interest rates to these farmers.
Xin He, Lungang Wang, Yang Su
Published: 11 December 2012
SSRN Electronic Journal; https://doi.org/10.2139/ssrn.2187863

Abstract:
The way in which citizens in developing countries conceptualize legality is a critical but understudied question for legal consciousness and legal mobilization studies. Drawing on participatory observations and extensive interviews from western China, this article explores the subjective interpretations of migrant wage claimants on law and justice behind their disruptive actions. Their perception of justice differs starkly from what the law stipulates as target, evidence and proper procedures. Who shall be held responsible? What constitutes evidence? When shall they be paid? How much? Their perceptions also differ from the attitude “against the law” found among members from disadvantaged social groups in the United States. The Chinese case of legal perception is shaped by the moral precepts ingrained in the culture, and more importantly, by the lopsided relationship between migrant workers and the political and business elite. It thus points to the daunting barriers in channeling the ever-growing number of social conflicts into court.
Raymond Wai Pong Yuen
Published: 1 January 2012
SSRN Electronic Journal; https://doi.org/10.2139/ssrn.2187792

Abstract:
This is a presentation training material on delivering humorous speech.
Jack Strauss
Published: 1 January 2012
SSRN Electronic Journal; https://doi.org/10.2139/ssrn.2186978

Abstract:
This paper evaluates the impact of immigration on African American wages, unemployment, employment and incarceration rates using a relatively large cross-sectio
David J. Jones
Published: 1 January 1993
SSRN Electronic Journal; https://doi.org/10.2139/ssrn.2186956

Abstract:
William Herbert Ifould (1877-1969) was Principal Librarian of the Public Library of New South Wales from 1912 to 1942, spanning critical years for library servi
Samson Adeniyi Aladejare, Emma Ani
Published: 20 November 2012
SSRN Electronic Journal; https://doi.org/10.2139/ssrn.2186947

Abstract:
The relationship between government revenue and government expenditure is important, given its relevance for policy especially with respect to the budget deficit. The purpose of this study is to examine the structure of federal government revenue and expenditure in Nigeria, from 1961-2010. It investigates the causal relationship between government revenue and government expenditure, using Granger causality test through cointegrated vector autoregression (VAR) methods; so as to determine whether the tax-spend hypothesis, spend-tax hypothesis, fiscal synchronization hypothesis, or the fiscal neutrality hypothesis hold in the relationship between government revenue and expenditure for Nigeria. The result shows that there is a bi-directional causality between government revenue and government expenditure. The outcome of the bi-directional causality between government revenue and expenditure supports the fiscal synchronization hypothesis. This therefore, suggest that the federal government should not make spending-tax decisions in isolation of tax-spend decisions. This is because the joint determination of revenues and expenditures is appealing as long as it effectively restrains the budget deficit. Therefore, efforts at enhancing sources of revenue should be accompanied by reductions in government spending for Nigeria.
Darren Langdridge
Published: 1 January 2012
SSRN Electronic Journal; https://doi.org/10.2139/ssrn.2186927

Abstract:
Criticism of orthodox models of prejudice reduction is particularly relevant for lesbians, gay men, and bisexuals, particularly when considering stage models of
Giulia La Mattina
Published: 1 January 2012
SSRN Electronic Journal; https://doi.org/10.2139/ssrn.2186916

Abstract:
This paper studies the effect of civil conflict on domestic violence using newly matched data from Rwanda. I combine data on local participation in the conflict
Richard D. Freer
Published: 1 January 2012
SSRN Electronic Journal; https://doi.org/10.2139/ssrn.2186440

Abstract:
In 2010 and 2011, the Supreme Court decided five class action cases. In 2012, it has agreed to hear four more. This piece summarizes what the Court has done and
Rajna Gibson, Songtao Wang
Published: 26 November 2012
SSRN Electronic Journal; https://doi.org/10.2139/ssrn.2186429

Abstract:
This paper studies the effect of market belief risk on the cross-section of stock returns. Using actual and analyst EPS forecast data, we construct the market belief as the cross-sectional average of individual beliefs for all sample stocks, with individual belief defined as the mean analyst EPS forecast minus the one derived from the Brown and Roze (1979) EPS model. We observe that a portfolio that is long in stocks with the highest sensitivities and short in stocks with the lowest sensitivities to innovations in market belief earns an average yearly return of 5.4%. This positive relationship between market belief risk and stock returns persists after accounting for traditional risk factors and is particularly strong for large-cap stocks. These findings are robust when considering alternative specications of market belief risk. Finally, we find that stocks' exposure to market belief risk increases with their market beta, volatility, turnover rate, and their sale-to-asset ratio and decreases with their size, momentum, and analyst coverage.
Francisco Gildemir Ferreira Da Silva, José Kleber Duarte Macambira Filho, Carlos Henrique Rocha
Published: 7 December 2012
SSRN Electronic Journal; https://doi.org/10.2139/ssrn.2186422

Abstract:
The institutional changes in Brazilian port administration were made to change the behavior of demand and in investments infrastructure of the Brazilian ports. The Brazilian acts also improve the relation and intervention of international authorities in the ports operation. As result, in the last decades, from 2005 to 2011, the Brazilian ports has changed, also, in operation or infrastructure by government intervention or by some interruption in operation. It is necessary to say that some interventions is not making by political decision makers, but by exogenous actors. The hypotheses that economical series follow tendencies that are interrupted by external or intended interventions are nowadays very fruitful. Some empirical approaches to measure the brake point or magnitude of interruption in an economical series were proposed by some econometricians highlighting the intervention impacts technique proposed by Box e Tiao (1975) because of its robustness. The classification of intervention measuring the magnitude, direction and signal compared by the common characteristics of each intervention, is an important deal to foreign decisions by political decision makers, spatially in a regulator market like the Brazilian. Therefore, this paper aims to apply, to the Brazilian maritime ports demands the intervention impacts technique to classify the types of interventions measuring their impacts after the institutional changes made in Brazilian legislation. As case study, it is presented an investigation using the monthly time series of containers demand for some Brazilian ports from January 2005 to October 2011, followed by the numerical results and considerations. As result, we have mapped some types of interventions and indicating the form that the class of intervention can be modeled.
Stefanie Schraeder
Published: 1 January 2010
SSRN Electronic Journal; https://doi.org/10.2139/ssrn.2186418

Abstract:
Ample empirical and experimental evidence documents that individuals place greater weight on information gained through personal experience -- a phenomenon that Tversky and Kahneman (1982) call availability bias. I embed this bias in an overlapping generations equilibrium model in which the period that investors first enter the market establishes the starting point of their experience history. The difference in the individuals' experience leads to heterogeneity among agents and perceived noise trading. The model captures several empirical findings. It explains why returns on high-volume trading days tend to revert. Furthermore, it provides explanations for a high trading volume, a connection between trading volume and volatility, excess volatility, and overreaction and reversal patterns. Consistent with empirical evidence, young investors buy high and sell low, trade frequently, and obtain lower returns. For intraday trading, it predicts a high trading volume around the opening hours, especially for cross-listed stocks.
Mehmet Ünal, Metin Toprak, Veysel Baspinar
Published: 7 September 2012
SSRN Electronic Journal; https://doi.org/10.2139/ssrn.2186411

Abstract:
Türkiye’de akademik camiadaki etik ihlaller ve bunlara yönelik düzenlemelerde dikkat çekici bir düzenleme açığı ve uygulama kargaası söz konusudur. Bu çalımada, intihal ve aratırma/yayın etik ihlallerinin literatürde ve ülkemizde akademik camiadaki uygulamasında algılanma biçimi ele alınmı; Yargıtay ve Danıtay’a intikal eden dava ların sonuçları tartıılmıtır. Hâlihazırda, Türk yükseköğretim mevzuatı sadece uyarma ve öğretim mesleğinden çıkarma cezalarını düzenlemi bulunmaktadır. Son kısımda, yü rürlükteki mevzuatımızda intihal ve diğer etik ihlallere yönelik düzenlemeler ve gelitiri len öneriler, ihlal türü ile birlikte alternatif olarak tasarlanmıtır. Buna göre, 11 farklı kategoride bilimsel etiğe aykırı fiiller tasnif edilmitir. Her bir kategoride ilenen fiile bağlı olarak farklı derecelerde ceza önerisi gelitirilmitir. In Turkey, there is a significant regulatory gap and confusion in implementation of existing regulations concerning ethical violations in academic publications. In addition, sanctions towards such kind of misconduct widely differ in terms of institutions and ethics boards. In this study, plagiarism and other ethical violations on research/publication are examined based on the discussions in the relevant literature and judgments of the Council of State and the Supreme Court. We have classified almost all ethical violations in scientific publications, and then developed a sanction framework.
, Robin Zoutenbier
Published: 6 December 2012
SSRN Electronic Journal; https://doi.org/10.2139/ssrn.2186410

Abstract:
We examine differences in altruism and laziness between public sector employees and private sector employees. Our theoretical model predicts that the likelihood of public sector employment increases with a worker's altruism, and increases or decreases with a worker's laziness depending on his altruism. Using data from the German Socio-Economic Panel Study, we find that public sector employees are significantly more altruistic and lazy than observationally equivalent private sector employees. A series of robustness checks show that these patterns are stronger among higher educated workers; that the sorting of altruistic people to the public sector takes place only within the caring industries; and that the difference in altruism is already present at the start of people's career, while the difference in laziness is only present for employees with sufficiently long work experience.
Shubhashis Gangopadhyay, , Bhupesh Yadav
Published: 1 October 2012
SSRN Electronic Journal; https://doi.org/10.2139/ssrn.2186408

Abstract:
This paper examines a randomized intervention in Delhi, India, that provided unconditional cash transfer to a group of households as a replacement for food security by means of a below poverty line card. A special feature of our study is that our experiment allows to differentiate between beneficial effects due to unconditional cash transfers and the opening of bank accounts. We find that the unconditional cash transfer does not lead to a decline in food security, but provides opportunities for households to shift to other nutritious options in the non-cereal segment.
Violeta Ruiz Almendral
Published: 1 January 2011
SSRN Electronic Journal; https://doi.org/10.2139/ssrn.2186401

Abstract:
This articles analyses the consequences brought about by the introduction of the Budgetary Stability principles, which are in part of the Monetary Union establi
Shanthakumary Milroy Christy Mahenthiran Aloysius
Published: 1 January 2012
SSRN Electronic Journal; https://doi.org/10.2139/ssrn.2186389

Abstract:
The present study investigated the influence of employees’ self motivation for achievement on their job performance and satisfaction. The sample employees for t
George Tzougas, , Nikolaos Fragos
Published: 24 September 2012
SSRN Electronic Journal; https://doi.org/10.2139/ssrn.2186383

Abstract:
An optimal Bonus-Malus System (BMS) based on both the number of accidents and the severity of each accident was developed by Frangos and Vrontos (2001). In this paper we extend the work of Frangos and Vrontos (2001), Lemaire (1995) and Dionne and Vannasse (1989, 1992) using finite mixture models. For the frequency component we employ a finite Poisson, Delaporte and Negative Binomial mixture, while for the severity component we employ a finite Exponential, Gamma, Weibull and Generalised Beta mixture, updating the posterior probability. We also consider the case of a finite Negative Binomial mixture and a finite Pareto mixture updating the posterior mean. The generalized BMS we propose takes into account both the a priori and a posteriori characteristics of each policyholder. In the above setup optimality is achieved by minimizing the insurer's risk.
Shanthakumary Milroy Christy Mahenthiran Aloysius
Published: 1 January 2011
SSRN Electronic Journal; https://doi.org/10.2139/ssrn.2186300

Abstract:
Job characteristics and job satisfaction are positively associated factors in the management literature. Many researchers like Hackman and Oldham (1978) proved
Yuniari Susilowati, Parulian Hutagaol, Bomer Pasaribu, Setiadi Djohar
Published: 23 November 2012
SSRN Electronic Journal; https://doi.org/10.2139/ssrn.2186296

Abstract:
In Indonesia, HR practitioners and academics believe that Strategic Human Resource Management (SHRM) has a direct and positive impact on firm performance. This belief is thought to be rather conventional, since numerous studies across the globe on the relationship between SHRM and firm performance have shown the inconclusive results. There are unknown factors called "black-box" between SHRM-firm performance relationships that need to clarify. This study therefore aims at analyzing the "black-box" that may play a crucial role in the relationship between SHRM-firm performances in Indonesia. In order to gain a wider understanding of the context of Indonesian companies, this study involves companies from various industries, and to better understand the HRM practices in the participating companies, this study employs multiple respondents ranging from the Supervisor to the Director levels. The main findings of this study reveal that the role of line managers in implementing HR systems and procedures, employees' competency, motivation and performance are confirmed to be strong significant mediating variables between SHRM and firm performance relationship.
Paula Kuabara, Adriana Takahashi
Published: 1 October 2012
SSRN Electronic Journal; https://doi.org/10.2139/ssrn.2186281

Abstract:
A aprendizagem organizacional é um tópico nos estudos organizacionais que ao longo do tempo tem ganhado relevância e a atenção dos acadêmicos ao tema. Dessa forma, um dos principais questionamentos levantados é sobre como realizar o processo de investigação do fenômeno da aprendizagem organizacional. Entretanto, a pesquisa sobre a aprendizagem organizacional apresenta diferentes perspectivas e a integração de diferentes categorias de estudo se torna um desafio neste campo de pesquisa, pois poucos estudos investigam teórica e empiricamente a forma como as organizações respondem às novas necessidades impostas pelo ambiente e como isto afeta a dinâmica da aprendizagem e a competência organizacional. Sendo assim, o presente artigo tem como objetivo apresentar uma proposta de articulação teórica entre as categorias de aprendizagem organizacional, desenvolvimento de competências organizacionais e cerimonialismo como forma de integrar diferentes categorias para o estudo da aprendizagem organizacional. Em relação às considerações finais apresenta-se uma discussão acerca das forças e limitações do modelo apresentado e alguns questionamentos que podem servir como ponto de partida para futuras pesquisas sobre as três categorias apresentadas. Organizational learning is a topic in the organizational studies that over time it has got relevance and attention of the scholars to the subject. Therefore, one of the main questions raised is the way to carry out the investigation process of organizational learning phenomenon. However, research on organizational learning presents different study categories which become a challenge in this research field, because few studies research theoretically and empirically how organizations respond to the new requirements imposed by the environment and how this affects the organizational learning and competencies dynamic. Thus, this paper aims to present a theoretical articulation propose between organizational learning, organizational competencies development and ceremonialism as the way of integrating different categories to the organizational learning research. Regarding final considerations, is presented a discussion concerning the model forces and limitations and some questions that will serve as a starting point for future research on the three categories presented.
Bryan T. Kelly, Hanno N. Lustig, Stijn Van Nieuwerburgh
Published: 1 January 2012
SSRN Electronic Journal; https://doi.org/10.2139/ssrn.2186197

Abstract:
Firm volatilities co-move strongly over time, and their common factor is the dispersion of the economy-wide firm size distribution. In the cross section, smaller firms and firms with a more concentrated customer base display higher volatility. Network effects are essential to explaining the joint evolution of the empirical firm size and firm volatility distributions. We propose and estimate a simple network model of firm volatility in which shocks to customers influence their suppliers. Larger suppliers have more customers and the strength of a customer-supplier link depends on the size of the customer. The model produces distributions of firm volatility, size, and customer concentration that are consistent with the data.
Zigan Wang
Published: 1 January 2012
SSRN Electronic Journal; https://doi.org/10.2139/ssrn.2186193

Abstract:
This research analyzes the relationships between the market return after each Election Day and economic performance under each president’s administration. The a
, Ruslan Huseynov
Published: 6 December 2012
SSRN Electronic Journal; https://doi.org/10.2139/ssrn.2186182

Abstract:
It is commonly accepted that, foreign investments have great impact over local economy. In order to increase the foreign investment and import and export activities between countries it is required to know a lot about the countries that you are going to work with. The students who are coming from the abroad are potential labors that can be part of the foreign investment activities.The purpose of this study is to analyze if the international students either intend to start a business and create a link between their work and Sweden after graduation or if that. We prepared questionnaires to check the their home countries and to invest in Sweden after graduation.
Thomas Lubik, Paolo Surico
Published: 1 July 2006
SSRN Electronic Journal; https://doi.org/10.2139/ssrn.2186161

Abstract:
Empirical evidence suggests that movements in international relative prices (such as the real exchange rate) are large and persistent. Nontraded goods, both in the form of final consumption goods and as an input into the production of final tradable goods, are an important aspect behind international relative price movements. In this paper we show that nontraded goods have important implications for exchange rate behavior, even though fluctuations in the relative price of nontraded goods account for a relatively small fraction of real exchange rate movements. In our quantitative study nontraded goods magnify the volatility of exchange rates when compared to the model without nontraded goods. Cross-country correlations and the correlation of exchange rates with other macro variables are closer in line with the data. In addition, contrary to a large literature,standard alternative assumptions about the currency in which firms price their goods are virtually inconsequential for the properties of aggregate variables in our model, other than the terms of trade.
Yongsung Chang, Andreas Hornstein, Pierre-Daniel G. Sarte
Published: 1 August 2006
SSRN Electronic Journal; https://doi.org/10.2139/ssrn.2186160

Abstract:
Whether technological progress raises or lowers aggregate employment in the short run has been the subject of much debate in recent years. Using a simple model of industry employment, we show that cross-industry differences of inventory holding costs, demand elasticities, and price rigidities potentially all affect employment decisions in the face of productivity shocks. In particular, the employment response to a permanent productivity shock is more likely to be positive the less costly it is to hold inventories, the more elastic industry demand is, and the more flexible prices are. Using data on 458 4-digit U.S. manufacturing industries over the period 1958-1996, we find statistically significant effects of variations in inventory holdings and demand elasticities on short-run employment responses, but find less evidence pertaining to the effects of measured price stickiness.
Andreas Hornstein, Per L. Krusell, Giovanni L. Violante
Published: 1 November 2006
SSRN Electronic Journal; https://doi.org/10.2139/ssrn.2186155

Abstract:
Does capital-embodied technological change play an important role in shaping labor market outcomes? To address this question, we develop a model with vintage capital and search-matching frictions where irreversible investment in new vintages of capital creates heterogeneity in productivity among firms, matched as well as vacant. We demonstrate that capital-embodied technological change reduces labor demand and raises equilibrium unemployment and unemployment durations. In addition, the presence of labor market regulation — we analyze unemployment benefits, payroll and income taxes, and firing costs — exacerbates these effects. Thus, the model is qualitatively consistent with some key features of the European labor market experience, relative to that of the United States: it features a sharper rise in unemployment and a sharper fall in the vacancy rate and the labor share. A calibrated version of our model suggests that this technology-policy interaction could explain a sizeable fraction of the observed differences between the United States and Europe.
Borys Grochulski, Tomasz Piskorski
Published: 1 December 2006
SSRN Electronic Journal; https://doi.org/10.2139/ssrn.2186153

Abstract:
We study the structure of optimal wedges and capital taxes in a Mirrlees economy with endogenous skills. Human capital is a private state variable that drives the skill process of each individual. Building on the findings of the labor literature, we assume that human capital investment is a) risky, b) made early in the life-cycle, and c) hard to distinguish from consumption. These assumptions lead to the optimality of a) a human capital premium, i.e., an excess return on human capital relative to physical capital, b) a large intertemporal wedge early in the life-cycle stemming from the lack of Rogerson's [Econometrica, 1985] "inverse Euler" characterization of the optimal consumption process, and c) an intra-temporal distortion of the effort/consumption margin even at the top of the skill distribution at all dates except the terminal date. The main implication for the structure of linear capital taxes is the necessity of deferred taxation of physical capital. In particular, deferred taxation of capital prevents the agents from making a joint deviation of under-investing in human capital ex ante and shirking from labor effort at some future date in the life-cycle, as the marginal deferred tax rate on physical capital held early in the life-cycle is history-dependent. The average marginal tax rate on physical capital held in every period is zero in present value. Thus, as in Kocherlakota [Econometrica, 2005], the government revenue from capital taxation is zero. However, since a portion of the capital tax must be deferred, expected capital tax payments cannot be zero in every period. Necessarily, agents face negative expected capital tax payments due early in the life-cycle and positive expected capital tax payments late in the life-cycle. Also, relative to economies with exogenous skills, the optimal marginal wealth tax rate is more volatile.
Paul H. Robinson
Published: 1 January 2012
SSRN Electronic Journal; https://doi.org/10.2139/ssrn.2186148

Abstract:
This essay argues that community views ought to have a central role in constructing criminal law and punishment rules, for both democratic and crime-control rea
Jorge Martinez-Vazquez, Andrey Timofeev
Published: 1 March 2012
SSRN Electronic Journal; https://doi.org/10.2139/ssrn.2186131

Abstract:
This paper takes stock of the last 80 years of theoretical and policy literature on the issue of capital grants. In addition, we provide empirical evidence on changes in the relative importance of capital grants, and their impact on fiscal outcomes for a large number of countries. In particular, our empirical analysis explores two claims often used to justify capital grants in practice: 1) Due to political economy reasons, local governments tend to underinvest relative to the level desired by the national government. We test this claim by comparing the propensity to invest of subnational vis-à-vis national governments. 2) The administrative and efficiency costs of earmarking grants for capital use are justified by their effect of inducing additional investments by subnational governments. We test this claim by comparing the propensity to invest of local governments out of capital grants compared to their propensity to invest out of general purpose (non-earmarked) grants and own resources.
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